Already a member?

Benzinga Market Primer, Wednesday November 28

U.S. equity futures fell in pre-market trading as traders
renewed fears over the fiscal cliff saw stocks skid Tuesday and
futures continue to move lower overnight. Comments from Senate
Majority Leader Harry Reid Tuesday that Congressional leaders
were not close to a deal spooked investors and brought back fears
that had receded over the past 7 trading days.

Top News

In other news around the markets:

Spanish banking group Bankia had its shares halted in
Madrid overnight as the company is set to receive approximately
40 billion euros in additional financing from the government,
which had previously been announced earlier this week.

ArcelorMittal (NYSE:
MT
) shares fell 2.32 percent in New York Tuesday as French
President Francois Hollande threatened to nationalize the
company.

It appears likely that newly nominated Bank of England
Governor Mark Carney will be much more inventive in monetary
policy than his predecessor Mervyn King according to new
reports, as internal Fed communications showed that Chairman
Ben Bernanke took some policy ideas from the former Bank of
Canada chief.

S&P 500 futures 2.1 points to 1,395.3.

The EUR/USD was was lower at 1.2927.

Spanish 10-year government bond yields fell to 5.443
percent.

Italian 10-year government bond yields fell to. 4.661
percent.

Gold fell 0.06 percent to $1,743.70 per ounce.

Asian Markets

Asian shares were lower overnight as fears of U.S. leaders not
being near a deal over the fiscal cliff created a risk-off tone
broadly. The Japanese Nikkei Index fell 1.22 percent and the
Shanghai Composite Index fell 0.89 percent while the Hang Seng
Index fell 0.62 percent. The Shanghai Composite Index is now near
the 2009 lows. In addition, the Korean Kospi dropped 0.65 percent
and Australian shares fell 0.21 percent.

European Markets

European shares were also lower on fiscal cliff fears and also
on doubts over the newly reached Greek aid deal. The Spanish Ibex
Index fell 0.83 percent and the Italian MIB Index fell 0.15
percent in early trading. Meanwhile, the German DAX fell 0.09
percent and the French CAC 40 fell 0.28 percent while U.K. stocks
dropped 0.23 percent.

Currency markets saw growth currencies actually outperform
overnight, bucking the risk-off trend seen in other markets, as
developed currencies fell. The EUR/USD was lower at 1.2927 and
the dollar fell against the yen to 81.86. Overall, the Dollar
Index was flat at 80.39 on strength against the euro, the pound,
and the Swiss franc and weakness against the yen. In addition,
the Aussie dollar gained against the greenback, the euro, and the
yen.

Pre-Market Movers

Stocks moving in the pre-market included:

Freeport McMoRan Copper and Gold (NYSE:
FCX
) shares rose 1.84 percent on renewed optimism that the company
could beat already low earnings estimates in the current
quarter.

Aeropostale (NYSE:
ARO
) is expected to report third quarter EPS of $0.29 vs. $0.30 a
year ago.

American Eagle Outfitters (NYSE:
AEO
) is expected to report third quarter EPS of $0.39 vs. $0.27 a
year ago.

Express (NYSE:
EXPR
) is expected to report third quarter EPS of $0.17 vs. $0.37 a
year ago.

The Fresh Market (NASDAQ:
TFM
) is expected to report third quarter EPS of $0.26 vs $0.19 a
year ago.

Economics

On the economics calendar Wednesday, MBA Purchase Applications
and New Home Sales are due out followed by EIA Petroleum Report
and the Beige Book. In addition, the Sandra Pinalto of the
Cleveland Fed is set to speak and the Treasury is expected to
auction 5-year notes.

Please note that once you make your selection, it will apply to all future visits to NASDAQ.com.
If, at any time, you are interested in reverting to our default settings, please select Default Setting above.

If you have any questions or encounter any issues in changing your default settings, please email isfeedback@nasdaq.com.

Please confirm your selection:

You have selected to change your default setting for the Quote Search. This will now be your default target page;
unless you change your configuration again, or you delete your
cookies. Are you sure you want to change your settings?